<p>NOF Corporation（东京证券交易所代码：4403）刚刚宣布了一项由董事会批准的股票回购计划，授权回购最多 200 万股。这一举措旨在提升股东回报，作为其中期管理计划的一部分。</p>
<p>查看我们对 NOF 的最新分析。</p>
<p>NOF 的股价年初至今已上涨了令人印象深刻的 28%，在过去一个月内更是飙升超过 5%，这表明其新的回购计划和董事会对收益及股息的审查为市场注入了活力。同时，其三年总股东回报超过 61% 也突显了近期举措背后的长期价值创造。</p>
<p>如果这种以股东为中心的活动引起了你的好奇，现在正是扩大投资视野、发现高内部持股的快速成长股票的最佳时机。</p>
<p>但考虑到 NOF 今年的强劲表现，投资者可能会想知道该股票是否仍在折扣交易，或者市场是否已经将明年的增长和股东回报计入价格。是否仍然存在买入机会？</p>
<h2>18.7 倍的市盈率：是否合理？</h2>
<p>NOF 目前的市盈率为 18.7 倍，显著高于日本化工行业的平均水平和公司的同行组。这表明市场对其近期的增长势头和股东举措给予了溢价。</p>
<p>市盈率将公司的股价与每股收益进行比较，提供了投资者愿意为未来收益支付多少的感觉。对于一家化工公司而言，这一倍数通常反映了对稳定盈利能力的预期。在 18.7 倍的市盈率下，投资者似乎持乐观态度。</p>
<p>然而，与行业平均的 13 倍和同行平均的 11 倍相比，NOF 的溢价显得相当高。即使与估计的公允市盈率 16.1 倍相比，目前的估值也显得昂贵，这可能表明该股票的表现超前于其基本面，除非收益增长超出预期。</p>
<p>探索 NOF 的 SWS 公允比率</p>
<p><strong>结果：18.7 倍的市盈率（被高估）</strong></p>
<p>然而，令人失望的收益或较慢的收入增长可能迅速改变市场情绪，并导致投资者重新评估 NOF 的高估值。</p>
<p>了解 NOF 叙述中的关键风险。</p>
<h2>另一种观点：SWS DCF 模型显示被高估</h2>
<p>尽管市场以高市盈率定价 NOF，但我们的 DCF 模型却讲述了不同的故事。基于折现未来现金流，NOF 的股票交易价格远高于其估计的公允价值。这表明投资者可能高估了公司的增长潜力。预期是否设定得过高？</p>
<p>了解 SWS DCF 模型如何得出其公允价值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/d0f71217-7258-4b36-a3b9-9cd519d64000/chart/dcf?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/d0f71217-7258-4b36-a3b9-9cd519d64000/chart/dcf"/></p>
<p>截至 2025 年 11 月的 4403 折现现金流</p>
<p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看 NOF）。我们展示了完整的计算过程。您可以在您的观察列表或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现 849 只基于现金流的被低估股票。如果您保存筛选器，我们甚至会在新公司匹配时提醒您——这样您就不会错过潜在机会。</p>
<h2>构建您自己的 NOF 叙述</h2>
<p>如果您对 NOF 的故事有自己的看法或更喜欢自己深入数字，您可以在几分钟内快速构建自己的前景：按您的方式进行</p>
<p>一个好的起点是我们的分析，强调投资者对 NOF 的 2 个关键回报的乐观情绪。</p>
<h2>寻找更多投资想法？</h2>
<p>想要走在潮流前面？通过使用量身定制的股票筛选器发现额外的潜在赢家，这可能帮助您在其他人注意到之前找到下一个突破性投资。</p>
<ul>
<li>通过查看这 17 只收益率超过 3% 的股息股票，探索具有强劲收入潜力的股票，以提升您的现金流和可靠的股息机会。</li>
<li>利用人工智能革命，了解哪些有前景的公司正在通过这 25 只 AI 便士股票引起关注，抢在更广泛市场反应之前。</li>
<li>通过跟踪 849 只基于现金流的被低估股票，监控市场可能忽视的增长机会。</li>
</ul>
<p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，采用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 这并不构成买入或卖出任何股票的推荐，也不考虑您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>

4403

<p>NOF Corporation（东京证券交易所代码：4403）宣布了一项股票回购计划，计划回购最多 200 万股，旨在提升股东回报。该公司的股价年初至今上涨了 28%，市盈率为 18.7 倍，高于行业平均水平，显示出潜在的高估迹象。折现现金流分析表明，股票交易价格高于公允价值，这引发了对增长预期的担忧。投资者被鼓励在考虑 NOF 高估值相关风险的同时，探索进一步的投资机会</p>

<p>NOF Corporation (TSE:4403) just announced a share buyback program approved by its Board of Directors, authorizing the repurchase of up to 2 million shares. This move is intended to boost shareholder returns as part of their Mid-Term Management Plan.</p>
<div class="lb-trans"><p>NOF Corporation（东京证券交易所代码：4403）刚刚宣布了一项由董事会批准的股票回购计划，授权回购最多 200 万股。这一举措旨在提升股东回报，作为其中期管理计划的一部分。</p>
</div><p>See our latest analysis for NOF.</p>
<div class="lb-trans"><p>查看我们对 NOF 的最新分析。</p>
</div><p>NOF’s share price has climbed an impressive 28% year-to-date and surged over 5% in the past month, suggesting that the momentum from its new buyback program and the board’s review of earnings and dividends has energized the market. At the same time, its three-year total shareholder return of more than 61% highlights the longer-term value creation behind recent moves.</p>
<div class="lb-trans"><p>NOF 的股价年初至今已上涨了令人印象深刻的 28%，在过去一个月内更是飙升超过 5%，这表明其新的回购计划和董事会对收益及股息的审查为市场注入了活力。同时，其三年总股东回报超过 61% 也突显了近期举措背后的长期价值创造。</p>
</div><p>If this kind of shareholder-focused activity piques your curiosity, now’s the perfect moment to broaden your investing scope and discover fast growing stocks with high insider ownership</p>
<div class="lb-trans"><p>如果这种以股东为中心的活动引起了你的好奇，现在正是扩大投资视野、发现高内部持股的快速成长股票的最佳时机。</p>
</div><p>But with NOF’s strong run this year, investors may be wondering if the stock is still trading at a discount, or if the market has already priced in next year’s growth and shareholder rewards. Is there still a buying opportunity?</p>
<div class="lb-trans"><p>但考虑到 NOF 今年的强劲表现，投资者可能会想知道该股票是否仍在折扣交易，或者市场是否已经将明年的增长和股东回报计入价格。是否仍然存在买入机会？</p>
</div><h2>Price-to-Earnings of 18.7x: Is it justified?</h2>
<div class="lb-trans"><h2>18.7 倍的市盈率：是否合理？</h2>
</div><p>NOF is currently priced at a price-to-earnings (P/E) ratio of 18.7x, which is notably higher than both the Japanese Chemicals industry average and the company's peer group. This suggests the market has placed a premium on its recent growth momentum and shareholder initiatives.</p>
<div class="lb-trans"><p>NOF 目前的市盈率为 18.7 倍，显著高于日本化工行业的平均水平和公司的同行组。这表明市场对其近期的增长势头和股东举措给予了溢价。</p>
</div><p>The P/E ratio compares a company's share price to its earnings per share, offering a sense of how much investors are willing to pay for future earnings. For a chemicals company, this multiple often reflects expectations for stable profitability. At 18.7x, investors are seemingly optimistic.</p>
<div class="lb-trans"><p>市盈率将公司的股价与每股收益进行比较，提供了投资者愿意为未来收益支付多少的感觉。对于一家化工公司而言，这一倍数通常反映了对稳定盈利能力的预期。在 18.7 倍的市盈率下，投资者似乎持乐观态度。</p>
</div><p>However, compared to the industry average of 13x and a peer average of 11x, NOF's premium looks steep. Even against an estimated fair P/E ratio of 16.1x, the current valuation appears expensive and could signal that the stock is running ahead of its fundamentals unless earnings growth surprises on the upside.</p>
<div class="lb-trans"><p>然而，与行业平均的 13 倍和同行平均的 11 倍相比，NOF 的溢价显得相当高。即使与估计的公允市盈率 16.1 倍相比，目前的估值也显得昂贵，这可能表明该股票的表现超前于其基本面，除非收益增长超出预期。</p>
</div><p>Explore the SWS fair ratio for NOF</p>
<div class="lb-trans"><p>探索 NOF 的 SWS 公允比率</p>
</div><p><strong>Result: Price-to-Earnings of 18.7x (OVERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：18.7 倍的市盈率（被高估）</strong></p>
</div><p>However, disappointing earnings or slower revenue growth could quickly change market sentiment and cause investors to reassess NOF’s elevated valuation.</p>
<div class="lb-trans"><p>然而，令人失望的收益或较慢的收入增长可能迅速改变市场情绪，并导致投资者重新评估 NOF 的高估值。</p>
</div><p>Find out about the key risks to this NOF narrative.</p>
<div class="lb-trans"><p>了解 NOF 叙述中的关键风险。</p>
</div><h2>Another View: SWS DCF Model Says Overvalued</h2>
<div class="lb-trans"><h2>另一种观点：SWS DCF 模型显示被高估</h2>
</div><p>While the market has priced NOF at a rich earnings multiple, our DCF model tells a different story. Based on discounted future cash flows, NOF’s shares are trading well above their estimated fair value. This suggests that investors may be overestimating the company’s growth potential. Could expectations be set too high?</p>
<div class="lb-trans"><p>尽管市场以高市盈率定价 NOF，但我们的 DCF 模型却讲述了不同的故事。基于折现未来现金流，NOF 的股票交易价格远高于其估计的公允价值。这表明投资者可能高估了公司的增长潜力。预期是否设定得过高？</p>
</div><p>Look into how the SWS DCF model arrives at its fair value.</p>
<div class="lb-trans"><p>了解 SWS DCF 模型如何得出其公允价值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/d0f71217-7258-4b36-a3b9-9cd519d64000/chart/dcf" alt="" original-src="https://images.simplywall.st/company/d0f71217-7258-4b36-a3b9-9cd519d64000/chart/dcf"/></p>
<p>4403 Discounted Cash Flow as at Nov 2025</p>
<div class="lb-trans"><p>截至 2025 年 11 月的 4403 折现现金流</p>
</div><p>Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out NOF for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 849 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.</p>
<div class="lb-trans"><p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看 NOF）。我们展示了完整的计算过程。您可以在您的观察列表或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现 849 只基于现金流的被低估股票。如果您保存筛选器，我们甚至会在新公司匹配时提醒您——这样您就不会错过潜在机会。</p>
</div><h2>Build Your Own NOF Narrative</h2>
<div class="lb-trans"><h2>构建您自己的 NOF 叙述</h2>
</div><p>If you have your own take on NOF’s story or prefer to dig into the numbers yourself, you can quickly build your own outlook in just a few minutes: Do it your way</p>
<div class="lb-trans"><p>如果您对 NOF 的故事有自己的看法或更喜欢自己深入数字，您可以在几分钟内快速构建自己的前景：按您的方式进行</p>
</div><p>A good starting point is our analysis highlighting 2 key rewards investors are optimistic about regarding NOF.</p>
<div class="lb-trans"><p>一个好的起点是我们的分析，强调投资者对 NOF 的 2 个关键回报的乐观情绪。</p>
</div><h2>Looking for more investment ideas?</h2>
<div class="lb-trans"><h2>寻找更多投资想法？</h2>
</div><p>Want to stay ahead of the curve? Discover additional potential winners by using tailored stock screens that could help you find your next breakthrough investment before others notice.</p>
<div class="lb-trans"><p>想要走在潮流前面？通过使用量身定制的股票筛选器发现额外的潜在赢家，这可能帮助您在其他人注意到之前找到下一个突破性投资。</p>
</div><ul>
<li>Explore stocks with strong income potential by checking out these 17 dividend stocks with yields &gt; 3% for opportunities to boost your cash flow with reliable dividends.</li>
<li>Take advantage of the AI revolution and find out which promising companies are making headlines through these 25 AI penny stocks before the wider market reacts.</li>
<li>Monitor growth opportunities that the market may be overlooking by tracking undervalued stocks using these 849 undervalued stocks based on cash flows.</li>
</ul>
<div class="lb-trans"><ul>
<li>通过查看这 17 只收益率超过 3% 的股息股票，探索具有强劲收入潜力的股票，以提升您的现金流和可靠的股息机会。</li>
<li>利用人工智能革命，了解哪些有前景的公司正在通过这 25 只 AI 便士股票引起关注，抢在更广泛市场反应之前。</li>
<li>通过跟踪 849 只基于现金流的被低估股票，监控市场可能忽视的增长机会。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，采用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 这并不构成买入或卖出任何股票的推荐，也不考虑您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div>

分析 NOF 公司（TSE:4403）在新股票回购计划和董事会更新后的估值